Akcelerant Acquires CorePROFIT Solutions
Akcelerant announces the purchase of best-in-class profitability information provider, CorePROFIT Solutions
MALVERN, PENNSYLVANIA – November 6, 2012 – Akcelerant, a provider of connected software technology and advisory services to financial institutions, announced today the asset purchase of CorePROFIT Solutions, Inc. CorePROFIT assists banks and credit unions in defining, developing, reporting and analyzing all facets of profitability measurement. As part of this transaction, Akcelerant will acquire all of CorePROFIT’s products and customers. The seven CorePROFIT profitability solutions will become a new Akcelerant product line, and the company sees significant opportunity for future integration between these new solutions and its existing software products.
“We are very excited to announce this acquisition and see this as a perfect fit with our strategic vision of integrating software solutions that help our customers increase revenue and manage risk,” states Jay Mossman, founder and CEO of Akcelerant. “The pressure facing the financial industry to improve results and target customers or members creates an increased need for improved profitability measurement and analytics. Acquiring CorePROFIT will enable Akcelerant to not only meet this need but also take this kind of intelligence to the next level through our suite of software products such as the industry-leading Akcelerant Framework and soon to be released Akcelerant Spotlight.”
Joseph Prunty, CorePROFIT’s current president & CEO, will join the Akcelerant consulting group, Akcelerant Advisors. Using his vast experience and skills, Prunty will provide the industry with much needed consulting in this practice area. In this blended position, Prunty will also play a major role in ensuring the success of the CorePROFIT product line at Akcelerant.
“Since 1999, I have been working with banks and credit unions to help them improve their ability to measure profitability. By joining Akcelerant and providing consulting services to the industry, I will be able to use my experience to bring valuable advice to existing Akcelerant customers and expand Akcelerant’s consulting presence into a new, yet very complimentary, side of the business at a financial institution,” states Prunty.”
Akcelerant expects this acquisition to integrate very smoothly into normal operations with no impact to its current strategic initiatives. Long-term, Akcelerant feels product integration opportunities will present themselves through customer feedback. Akcelerant has been, and continues to monitor trends which indicate a need to have this type of intelligence easily accessible within financial institutions. This access will quickly improve the bottom line and influence key, strategic decisions.
About Akcelerant Software LLC
Akcelerant, located in Malvern, Pennsylvania, provides connected software applications to the financial services industry through multiple product lines and integration to best-of-breed service providers. Established in 2000, Akcelerant technology is currently utilized by over 500 financial institutions in all 50 states and Canada. For more information about Akcelerant, visit www.akcelerant.com.